Alphabet's Verily raises $1 billion as tech giants enter hot healthcare sector

Indeedthe life sciences business under Alphabet, said on Friday that it has raised $1 billion in capital that will be used to expand its data-driven, personalized health products.

The round was led by Alphabet, the said the company’s announcement.

Verily also announced changes to its executive team that will take effect in January 2023. Company founder Andy Conrad will become executive chairman of Verily’s board. Stephen Gillett, who is the company’s president, will be promoted to CEO. Gillette initially joined Verily as an operations advisor and to lead the company’s cybersecurity efforts. At the time, he was co-founder and CEO of Chronicle, Alphabet’s cybersecurity company, which is now part of Google Cloud.

Deepak Ahuja steps down as CFO by the end of the month. Ahuja, the former and first CFO of Tesla, is assigned to work as the first CFO at drone delivery and logistics startup Zipline. Ahuja will remain an adviser, the company said, adding that a search for a new CFO will begin immediately.

The capital infusion and executive reshuffle come as Verily prepares for a new phase of growth in a hot healthcare sector that has attracted tech giants such as Amazon and Apple. Earlier this year, Amazon acquired One Medicala primary care provider that uses in-person, digital and virtual interactions in its services, in a deal valued at $3.9 billion.

Verily is particularly interested in “precision health,” a term meant to describe combining research, clinical and non-clinical data, and computing power to deliver healthcare personalized to an individual’s specific needs. In other words, Verily — which was born out of Google X in 2015 — aims to use technology to deliver medical care to individuals instead of everyone.

Verily said the funds could also be used to invest in strategic partnerships, global business development and potential acquisitions. The company has already entered into several partnerships and completed at least one acquisition. In 2021, the company bought research software developer SignalPath to expand its clinical trial system. It also partners with Lumea, L’Oreal, Mayo Clinic and Microsoft.

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